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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am in the uk I get £240 per month from a pension and I am

Resolved Question:

I am in the uk I get £240 per month from a pension and I am 59 My husband earns nothing and my sister gives us £1500 per month for bills and rent I owe £130,000 a debt I raised 10 years ago during a manic phase of bipolar . We lost our house .
I can never pay back that debt, if i stop paying will creditors make me bankrupt? or what is likely to happen ? I have no assets at all ,no access to funds
Can you advise me ?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts : Hello my name is ***** ***** I will help you with this.
Alex Watts : Do you own any substantial assets please?
Customer:

Nothing at all. A 15 year old car not even a TV , nothing they can take

Customer:

No hurry for reply by the way !

Alex Watts :

Personally I would go bankrupt.

Alex Watts :

If you dont own anything there is little point paying off creditors as it will be interest on £130,000

Alex Watts :

You go to the County Court and fill in some forms.

Alex Watts :

If you are on a pension you may get fee remission on the Court fee but may still have to pay the Official Receivers deposit.

Alex Watts :

You go before a Judge and he makes you bankrupt.

Alex Watts :

Then any assets are frozen. You see the Official Receiver and they produce a report saying whether creditors get anything.

Alex Watts :

As long as you co-operate you are normally discharged after 12 months with your debts written off

Alex Watts :

For more information please see:

Alex Watts :

Pharmaceutical Society of Great Britain v Boots Cash Chemists (Southern) Ltd [1953] EWCA Civ

Alex Watts :

Sorry I meant:

Alex Watts :

https://www.gov.uk/bankruptcy/overview

Alex Watts :

Can I clarify anything for you about this today please?

Customer: That was not my question actually as this is an answer that I knew my question was m
Customer: Could my creditors or would. Y creditors make me bankrupt I haven't got the money to do so. Simply if I don't pay what can they do?
Customer: They did not read the question properly and so the reply did not give me the answer
Customer: I will not use service again
Alex Watts : Creditors can make you bankrupt but they may not.
Alex Watts : Its a commercial decision for the,.
Alex Watts : them
Alex Watts : They may just Chase you.
Alex Watts : I think you would be entitled to fee remission on the court fee, it would just be the deposit you need to raise.
Alex Watts : But if you stop paying they may or may not make you bankrupt.
Alex Watts : But better to do it yourself and start the 12 month period sooner rather than later so you are free
Alex Watts : sorry I was not online at 130am, I was in bed.
Alex Watts : Can I claorfy anything else for you ?
Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


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